Cloud computing is fast becoming one of the business world’s most valuable and effective management resources. The ability to access software programs from anywhere in the world — via a remote server — delivers a number of key benefits.

We’re living in an increasingly globalized, always-on world, and the ability to work flexibly is crucial to commercial success. Armed with just an Internet-enabled device and a decent broadband connection, business owners, managers and accountants can access their financial data anywhere — at any time.

Something has happened to the cloud. Amidst all the hype, uncertainty, claims, and surprises, cloud computing has finally come of age.

Used in the right way, the Cloud can make accounting a simpler, more efficient process; in fact, this is already happening. SaaS platforms and Cloud-based storage are transforming the accounting industry in many ways, but here are six of the most exciting.

1. Efficient Collaboration

Wherever you are in the world, you can work with anyone who has access to your Cloud-based accounting software. Edit documents together, share annotations and upload data — all in real time.

Imagine you’re applying for a loan in the U.S., and your accountant is on a beach in the Bahamas. The loan application process for a business can be complex, and requires the compilation of detailed financial reports. Rather than wait until your accountant returns from vacation, you can work on your financial data together — while your collaborator sips cocktails by the ocean.

2. Enhanced Security

Data security is a priority for accountants, which is why more and more of them are switching to Cloud-based management systems. Financial records need to be kept for tax purposes, and they need to be accurate. But saving them on physical hard drives is fraught with potential for the destruction, corruption or theft of crucial data.

What would happen if a server was destroyed in a fire? What would happen if the computer holding your financial data was stolen? Of course, you can make regular backups and store your records in another location, but this takes time and know-how. And do you really have time for such technical issues?

But by utilizing a Cloud-based accounting system, your records are being continually backed up on two or more remote servers. Not only that, important security updates needed to prevent hacks and viruses happen automatically — without you even knowing about it.

3. Scalability

If you’re running a startup, a simple spreadsheet-style accounting system on your laptop might serve your needs at first. But what happens when your business starts to grow? When your income begins to increase rapidly, managing your finances becomes more complex. There are usually different tax issues to manage, and your cost-base becomes larger and more complicated.

Rather than disrupt your growing business by upgrading your accounting system a year or two down the line, get ready for expansion by leveraging the scalability of Cloud-based accounting software. The additional support, features and storage will be immediately available when you need it.

4. Flexible Working

Why brave the morning rush hour when you can work from home? Why close down your operations because you want to take an extended vacation? Superfast broadband and Cloud-based SaaS platforms allow you to work from anywhere in the world. Whether you’re lying by a pool or sitting on a train, you can access all your financial data and balance sheets at any time — with just an Internet connection and your own login details.

Imagine you’re taking a long-haul flight. Rather than waste 12 hours watching bad movies, you could be accessing your accounting records and managing your business. Airlines now offer on-board WiFi, and that — along with a laptop, smartphone or tablet — is all you need to get online. And because you don’t need to install any software on the device, it’s not the end of the world if you lose or misplace it. As long as you’ve taken steps to protect your passwords, no one will be able to access your accounts.

5. Slash the Cost of Accounting

The hardware required to run a busy accounting firm or department is significant. It requires terminals, printers, a local network and various other elements of IT infrastructure. But with Cloud-based accounting systems, all you really need is an Internet connection.

If you’re really short on capital, you could get your employees to access the accounting system via their own devices. You won’t need to spend vast sums on hardware, and you won’t have to cover the cost of repair and maintenance. And turning to a paperless Cloud-based system can reduce sundry costs for supplies such as printer ink, toner and paper.

6. Anyone Can Use It

Traditional methods of accounting were complex and cumbersome. To use them effectively required extensive training, meaning only accountants and people with significant experience in accounting practices could perform vital accounting functions.

But the latest SaaS accounting platforms in the Cloud are exceptionally easy to use. There’s usually a step-by-step guide for every available function, as well as video tutorials. If you have several people in your company, they can each look after their own accounts. If they ever need help, the ability to work collaboratively online means assistance is always at hand.

The accounting industry is already changing fast. Switch to a Cloud-based accounting system now, and prepare your firm for a highly competitive future.